Fintech is referred to as the use of technology to offer financial services. Its popularity has been dramatically increasing in Pakistan over the past few years. With the changing technological environment and digital advancements, Pakistani entrepreneurs are no way behind and are continuously working towards launching innovative ventures. Multiple fintech startups emerged and established their image in the market, including Finja, CreditFix, KTrade, and Abhi.
With the emergence of these startups, more local and international investors are recognizing the fintech industry of Pakistan and are significantly contributing. Recently, huge investments were received by Hong Kong-based TT Bond Partners, HOF Capital from New York, German investor Christian Angermayer, Village Global, and VEF ltd. These investments serve as a motivation for entrepreneurs who are looking to enter this market and require capital.
The Fintech Industry has slowly decreased the popularity of traditional ways of offering financial services in Pakistan, including banking and compensation withdrawals. It seems like, soon, digital ones will replace the conventional financial service systems.
It is to be noticed that with the start of covid-19, the digitalization has been accelerated, which suggests high anticipated growth of the fintech industry, further giving a greater motivation to entrepreneurs who want to enter.